Argentina-based fintech, Ualá, has launched its first credit card. Notably, the card will not levy any opening, maintenance or renewal fees. The Mastercard-branded card will be rolled out via its subsidiary Uilo and is processed by Fiserv.
Ualá says the product launch continues its mission to expand access to credit. The card is being offered in both physical and digital versions and applications can be made via its app.
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It is available to users who have opened a Savings Bank in pesos in Uilo through Ualá. Customers can use the card at the more than 100 million businesses worldwide where the Mastercard network operates. Features include instant notifications via the app and a real-time update of the remaining purchase limit.
In addition, the Ualá app enables users to freeze and unfreeze the card at any time, providing an additional level of security.
Ualá credit card discounts and Ualá+ benefits
Among the benefits are discounts on Club Smiles (with an additional 50% in the delivery of miles), YPF and PedidosYa Plus. Also, 15% off on Thursdays at Carrefour Online and 25% on Wednesdays in the supermarket category through Mercado Libre. These offers are in addition to benefits and promotions offered by Mastercard.
Cardholder offers include exclusive incentives in Ualá+, Ualá’s loyalty and benefits programme. Ualá highlights data from the Central Bank of the Argentine Republic that 60% of the adult population does not have a credit card.
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By GlobalData“Since our beginnings, the evolution in financial services has been our main motivation. With the incorporation of Uilo, we are excited to bring new forms of financing to our community. The credit card is the response to this vision and to the demands of our users, who have long asked us to add it to our ecosystem. We did it in the best possible way. That is, without maintenance costs, with exclusive benefits, and perfectly integrated with the rest of our proposal, which covers investments, credits, collections and much more,” said Romina Simonelli, VP of Payment Methods, Ualá.
Initially, the credit card will be available to a base of users, with plans for progressive expansion. Ualá launched six years ago. Its backers include Tencent, George Soros and Steve Cohen.
